According to Stratistics MRC, the Global Polycrystalline Diamond Compact (PDC) Drill Bit Market is accounted for $3.22 billion in 2017 and is expected to reach $5.19 billion by 2026 growing at a CAGR of 5.4% during the forecast period. Rising drilling performances and increasing production of shale gas are some of the key factors fuelling the market growth. However, ecological risks and stringent government policies for hydrocarbon based fuel sources are restraining the market.

Polycrystalline diamond compacts comprise a polycrystalline diamond (PCD) top layer, integrally sintered onto a tungsten carbide substrate by using a high-pressure and high-temperature process. The polycrystalline diamond layer offers controlled wear during the drilling operation, which leads to the retention of a sharp cutting edge. Polycrystalline Diamond Compact (PDC) drill bits have about a default selection, unless the growth is sticky or too hard, where other types of bits are used.

By type, steel body fixed cutters has witnessed considerable growth in the market. These cutters are made from a high alloy steel. These bits can sometimes be repaired and may be good for multiple runs, depending on the application. Steel body bits are often considered with superior blade stand-off and cutter exposure, thus rising ROP. Steel-body PDC drill bit delivers improved ROP while maintaining precise directional control.

North America is expected to retain its dominance throughout the forecast period. The increasing shale gas production is a major factor for this dominance. This is mainly due to the growing oil & gas industry, coupled with the high demand for petroleum. The U.S. holds the majority of shares in the wireline services, as it is the largest consumer of oil and gas.

What our report offers:- Market share assessments for the regional and country level segments- Market share analysis of the top industry players - Strategic recommendations for the new entrants- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)- Strategic recommendations in key business segments based on the market estimations- Competitive landscaping mapping the key common trends- Company profiling with detailed strategies, financials, and recent developments- Supply chain trends mapping the latest technological advancements